Sensex comes close to hitting 20K

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Mumbai, Oct 29: Sensex is just a breathe away form hitting the all-time high of 20,000 points.

The BSE sensitive index today reached an all-time high of 19,621.39 points with the massive gain of around 378 points from it last close of 19,243.17 points on sustained heavy speculative demand from FIIs and some Mutual Fund operators.

Brokers said, ''Market continued its upward rally to hit an all-time high in the early trade amid expectations that the US Federal Reserve will cut interest rates this week and ease monetary policy further in the coming months. Capital goods stocks surged.

Bharat Heavy Electricals, Larsen&Toubro and NTPC hit all-time highs. Reliance Industries edged higher. Asian markets were firm today. US stocks advanced on Friday (October 26, 2007).

The current BSE Sensex is still up by 609.51 points or 3.41 per cent at 19,852.68. It opened with an upward gap of 378.22 points at 19,621.39 and soon rose to strike an all-time high of 19,859.47 in early trade. At day's high of 19,859.47, Sensex had gained 616.3 points.

The current broader based S&P CNX Nifty index of NSE is also up by around 173 points, or 3.04 per cent, to 5,875.60. It hit an all-time high of 5,880.47.

The BSE Mid Cap index was up by 1.8 per cent at 8,063.27 and BSE Small Cap index edged higher by 2.23 per cent at Rs 9,763.91.

India's largest private sector entity by market capitalisation and oil refiner, Reliance Industries (RIL) rose by 2.18 per cent to Rs 2,747.80. RIL is reportedly in talks to acquire some manufacturing facilities from Arvind Mills, mainly in the denim segment. The proposed acquisition is part of RIL's increased focus on the apparel business.

HDFC was up by 6.21 per cent at Rs 1,642.05 and ICICI Bank edged higher by 4.58 per cent at Rs 1,240.

Tata Steel declined by 8.84 per cent at Rs 903 and was the lone loser from Sensex pack. The stock today turned ex-rights.

National Thermal Power Corporation hiked by 2.71 per cent at Rs 234.95. It hit an all-time high of Rs 239. Net profit of NTPC rose by 30.64 per cent at Rs 1925.50 crore on 17.66 per cent rise in sales at Rs 8016.90 crore in Q2 September 2007 over Q2 September 2006.

State Bank of India rose by 1.94 per cent to Rs 2,123. State Bank of India's net profit rose by 36.04 per cent to Rs 1611.42 crore on 33.42 per cent rise in total income to Rs 13658.22 crore in Q2 September 2007 over Q2 September 2006. The results were announced on Saturday (October 27, 2007).

Capital goods stocks rose sharply in the early trade. Bharat Heavy Electricals rose by 4.94 per cent at Rs 2,552. It hit an all-time high of Rs 2,601. Larsen&Toubro rose by 3.51 per cent at Rs 4,013.

It hit an all-time high of Rs 4,060. Suzlon Energy edged higher by 2.72 per cent at Rs 2,001.

Asian markets advanced today, following a spurt on Wall Street on Friday (October 26, 2007) with Hang Seng and Seoul Composite hitting record highs. Hong Kong's Hang Seng was up by 3.44 per cent at 31,451.54, Japan's Nikkei by 1.49 per cent at 16,752.32, Taiwan's Taiwan Weighted by 1.64 per cent at 9,789.17, South Korea's Seoul Composite by 2.01 per cent at 2,068.85, and Straits Times edged higher by 0.72 per cent at 3,798.61, which reflected boost in Indian bourses, brokers added.


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